Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

GM to Invest $7 Billion in Michigan Manufacturing Sites

Stock MarketsJan 26, 2022 01:24
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Sam Boughedda

Investing.com — General Motors Company (NYSE:GM) is to invest more than $7 billion in four Michigan manufacturing sites, as the company looks to boost its battery and electric vehicle manufacturing capabilities. 

The investment will create 4,000 new jobs and retain 1,000. It includes the construction of a new Ultium Cells battery cell plant with LG Energy in Lansing and the conversion of GM's assembly plant in Orion Township to produce the Chevrolet Silverado EV and the electric GMC Sierra. The Orion assembly plant is scheduled to build full-size electric pickups. 

In addition, the Lansing Delta Township Assembly is receiving investment for the production of the Chevrolet Traverse and Buick Enclave, while the Lansing Grand River Assembly plant will be upgraded. 

According to Bloomberg, the Michigan Economic Development Corporation gave GM a "$600 million grant from state funds, $158 million in total tax breaks, $66 million in infrastructure grants and nearly $937 million in lower electric and water rates over 20 years."

Mary Barra, GM's chair and CEO said: "Today we are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the U.S., and our North American EV production capacity."

GM's investment is part of their plan to become the EV market leader in North America by 2025. The investment will support an increase in total full-size electric truck production capacity to 600,000 trucks, while they aim to have more than 1 million units of electric vehicle capacity in North America by the end of 2025.

GM shares are down 1.3% Tuesday.

GM to Invest $7 Billion in Michigan Manufacturing Sites
 

Related Articles

Tencent Music Reports Q1 Miss, Revenues Down 15.1%
Tencent Music Reports Q1 Miss, Revenues Down 15.1% By Investing.com - May 17, 2022

Tencent (HK:0700) Music Entertainment Group (NYSE:TME) reported its Q1 results, with EPS of $0.06 coming in worse than the consensus estimate of $0.07. Total revenues declined...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email